Student Loan Planner

I did a second survey of our 20,000-plus email subscribers to find out how the pandemic and economic shut down is affecting different professions. The results aren’t what I expected. Today, I’m sharing survey findings, quarantine stories from our subscribers, and an update on the CARES Act and how it might impact the future of student loans. In today’s episode, you'll find out: Why the $350 million funding for PPP loans was a disaster Who I think should apply for a PPP loan if there’s more funding How professions are being impacted by the economic shutdown How long survey respondents said the economy should stay closed The impact of coronavirus on dentists vs. physicians Quarantine stories from survey respondents What big changes might be coming to the CARES Act Why universities want lower interest for student loans Full show notes at: http://studentloanplanner.com/74

You might not know what to do if you’re facing default or having trouble paying your student loans. Or maybe you’re curious about what happens to your student loans when you stop paying. To find out that and more, I turn to two experienced student loan attorneys: Adam Minsky and Jay Fleischman. They share their best tips for dealing with student loan default and how to get help. In today’s episode, you'll find out: What to do if you default on your student loans The two options you have for federal student loan default How to settle private student loan debt If the Department of Education will settle for less than you owe Whether rehabilitation or consolidation is better How default affects your credit report now and in the future How student loan default impacts forgiveness Whether bankruptcy is an option to get rid of your student loans Where to get more help if your loans are in default Full show notes at: http://studentloanplanner.com/73

Diana Care is a veterinarian for the federal government who is passionate about taking advantage of PSLF. She shares how to best take advantage of forgiveness with a job in the non-profit or government sector, why employer-paid student loan benefits are a bad idea, and reasons you might not want to pursue a career as a vet. In today’s episode, you'll find out: Why vet school debt keeps growing Why veterinarian student loan debt studies are deceitful How 20% of vet school graduates don’t have any student loans at all Whether a Caribbean vet school is worth the high price tag The reason to just say no to employer student loan benefits How to reach Diana if you’re interested in a vet job with the federal government Full show notes at: http://studentloanplanner.com/72

In this episode, I’m getting to the truth behind the Stimulus Bill that was just passed and what it means for your student loans. Spoiler alert: It’s more than a suspension of payments and interest. I’ll help you cut through the noise so you can save money during this crazy time.   In today’s episode, you'll find out:   How to take advantage of student loan payment suspension Whether you should buy stocks right now or save What the student loan payment suspension means if you’re still in school Why congress is worried about pausing student loan payments The starting date for suspended payments to count toward PSLF How much cash you need in your savings account How to get a refund of your payment from your loan servicer Full show notes at https://www.studentloanplanner.com/71

Stephanie Bousley talks about how to get rid of student loan debt to live your best life in her new book Buy the Avocado Toast. This week, I talk with Stephanie about how she accumulated $300k of student loan debt while going to film school in one of the most expensive cities in the world, and how she’s paying it off while living a comfortable life. In today’s episode, you'll find out: Why you can’t work your way out of student loan debt How having six-figures of debt doesn’t make you irresponsible Stephanie’s struggle with shame and secrecy about her debt Why Stephanie has refinanced her student loans 5+ times What I would have advised Stephanie if she were my client Stephanie’s advice about rewarding yourself even when you have debt Full show notes at: http://studentloanplanner.com/70

A lot of people have had significant changes to their incomes as a result of the coronavirus pandemic. If you’ve had a drop in pay, you could get some relief by lowering your student loan payment. I sat down with our very own Meagan Landress, CSLP®, to walk you through how to recalculate your student loan payments during an economic disaster. In today’s episode, you'll find out: How to lower your student loan payment without making a single phone call Which application to use to recalculate your payment immediately The documentation you need to change your student loan payment Why deferment or forbearance is a bad idea What to do if you’re in default on your payments right now Whether you should refinance if you have private student loans How to get free student loan advice from Student Loan Planner Full show notes at: http://studentloanplanner.com/69

With the stock market and global economy in a state of flux, I’ve been getting some questions about investing and coronavirus. People are asking about the possibility of a recession. Coronavirus is a very serious concern. I’m going to help you assess whether you should invest from a rational perspective, starting with asking yourself “what does this mean for me and my family.” In today’s episode, you'll find out: What I think about the possibility of a recession How coronavirus compares to the Spanish flu Why the stock market fell 15% during the Spanish flu How the stock market rebounded during the 1918 pandemic What is really killing the markets right now How to protect your investments during coronavirus outbreak Whether or not you should be investing right now Full show notes at: http://studentloanplanner.com/68

Even though I can think of about 600,000 things I’d rather talk about than taxes, it’s something we can’t ignore. I see people all the time paying way more in taxes than they should be. Today, I’m going to help you understand what you’re actually paying and why. Then we’ll jump into long-term tax planning strategies and some tips on what you can do right now to lower your tax bill as a student loan borrower. In today’s episode, you'll find out: What adjusted gross income (AGI) is and why it matters The difference in tax brackets if you’re single vs. married How to pay $0 in taxes on investment income Ways to reduce your taxable income How business owners can add even more to their retirement savings What the breadwinner loophole is and how it can save you money Why you might consider amending old tax returns How to get more help if you need it Full show notes at: http://studentloanplanner.com/67

If you’re overwhelmed by the idea of student loan interest raging out of control, this episode is for you. I sat down with our senior student loan consultant, Rob Bertman, CFP®, CFA to dig into the details about why student loan interest isn’t as bad as you think. Bertman has over 15 years’ experience as a financial planner and is the mastermind behind Family Budget Expert. Here’s what he has to say about how interest can impact your student loans. In today’s episode, you'll find out: • Why student loan interest isn’t as bad as you think it is • How student loan interest works • The repayment plan that gets the government to cover some of your interest • Why forbearance is such a terrible idea • How to use an old tax return to lower your student loan payment • Why it’s best to stick with an IDR plan in residency • Why consolidating right after you graduate can be a winning strategy • How the “fighting spouses loophole” can help if you live in a community property state Full show notes at: http://studentloanplanner.com/66

Jantz Hoffman is the founder of the Certified Student Loan Professional (CSLP®) designation that helps financial advisors incorporate student loan repayment planning in their practice. I invited him on the show to get his thoughts on student loan fraud and all the fake experts out there. Brief intro to episode In today’s episode, you'll find out: What gave Jantz the idea for CSLP Why there’s no value in falsifying student loan documents Reasons Jantz says not to be nervous about PSLF going away Problems Jantz has had with student loan services How applying for PSLF is like going to Olive Garden Why statistics in the media are wrong Full show notes at: http://studentloanplanner.com/65